Quick economic recovery is possible

9 July, 2020 12:00 AM printer

Covid-19 pandemic has already dealt one of the biggest blows ever to our national economy. Bangladesh’s once robust economy has dramatically slowed in recent months. The Covid-19 crisis is an urgent call-to-action moment to pursue innovative policies for quick economic recovery. Bangladesh is likely to end up with a fast economic recovery by pursuing such policies. But corruption is the cancer at the heart of so many of our national problems. Realising the gravity of the situation, the Prime Minister has adopted a zero-tolerance policy against corruption. The PM’s bold policy will definitely impact positively on overall business development in Bangladesh, opined the incumbent German Ambassador to Bangladesh. He expressed the opinion while speaking at a recent virtual discussion on matters of business interest to activate business in Bangladesh during the Covid-19 pandemic with the Bangladesh German Chamber of Commerce and Industry (BGCCI).

In this context, he suggested the Bangladesh Investment Development Authority (BIDA) to play a more proactive role for attracting Foreign Direct Investment (FDI). However, Bangladesh's bureaucracy finds FDI as a threat to its existence mainly because foreign experts easily expose the level of inefficiency in bureaucracy. As to why, the German envoy insisted on making bureaucracy more business-friendly in Bangladesh. As foreign investors look for countries that protect contract, property, and physical integrity rights; they prefer to invest in the countries where rule of law has been established. So, the German diplomat stressed on establishing the rule of law in the country as a sine qua non for quick economic recovery from the Coronavirus fallout. Bangladesh too recognises the importance of transparency, accountability, and good governance. The government is committed to pursuing right policies for the country’s fast economic recovery.

The German envoy hoped that Bangladesh can be an important destination for his country’s investment and trade. He finally expressed his firm belief that Bangladesh economy would surely bounce back soon. We too expect that our country would quickly come back to its previous growth rates, if global economic conditions are supportive.